Page 70 - AAE PR REPORT - FEBRUARY 2025

2/18/25, 9:34 AM Latest News

AL ANSARI EXCHANGE
• Diamond Classification and 2nd Place in Financial & Insurance Activities Category-Emirates Labour Market

Award
• Best Remittance and Foreign Exchange Service Provider- MEA Finance

• Exchange House of the Year – Finance Middle East Awards
• Diamond Category for Distinguished Emiratisation Rates-NAFIS Award

• Gold Category in the Exchange Sector, Large Size Entities- NAFIS Award
• Best Retail Shop, Season 28 Achievement Awards - Global Village
• Business Excellence for Fintech Industry – Westford Awards

Growth Strategy

Physical Network Expansion
• 11 net new branches opened in 2024.

Total 267 branches as of December 2024.
99% of the branches are profitable (operating for more than 6 months).

Outlook
• Target to open a total of 300 branches in the midterm.

Geographic Expansion
• Finalised the integration of Al Ansari Exchange in Kuwait with Oman Exchange.

• Signed Sales and Purchase Agreement to purchase BFC Group Holding.
Outlook

• Al Ansari Exchange in Kuwait’s (“AAEK”) to be acquired by AAFS by Q1’25, with synergies to be realised by
Q2’25.

• BFC Group is currently in the closing process with an expected closing date by the end of Q1’25.
Post closing, we expect to complete the integration process and realise the synergies between Q1’26 –

Q3’26.

Digital Innovation

• 50% YoY growth in the number of new smart counters deployed in 2024.
• 12% YoY increase in newly issued prepaid cards in 2024.

• 13% YoY growth in the number of active app users in 2024.

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